1. China injected $81 billion in China banks. The injection is argued as a stimulus, but given the spike in swaps prior to the injection, the injection looks to be a 'maintainer of the status quo'.
2. The Fed Statement indicated that the Fed has thrown all metrics to the wind and will raise rates, slowly, when it feels like it.
So China keeps humming along, however poorly. And the Fed will keep the keep holding the markets hand. This suggests there maybe too much fear factored into this market. (Despite the fact that the Vix is pretty low.)